Brazil is strategically ramping up its uranium exploration efforts to tap into the growing interest in nuclear energy worldwide. Despite holding 5% of the world’s uranium resources, Brazil currently produces only a small amount of nuclear fuel. The country ranks eighth globally in terms of uranium resources, trailing behind countries like Australia, Kazakhstan, and Canada.
The rising prices of uranium have sparked Brazil’s interest in discovering new deposits, with the state-owned Nuclear Industries of Brazil (INB) seeking international partnerships for exploration in mineral-rich regions across the country.
The initiative, known as the Uranium and Associated Mineral Resources Prospecting and Mining Partnership Program (Prouranio), aims to explore areas that also contain minerals like copper, gold, and rare earth elements alongside uranium. This aligns with the global trend of investors turning to uranium for carbon-free nuclear energy, as uranium prices remain above historical averages.
Despite facing challenges from government bureaucracy, Brazil continues to push forward with its uranium mining ambitions, with companies like OAR Resources from Australia signing agreements to assess the potential of rare earth deposits in the country.